Feb. 26 (Bloomberg) -- Silver Spring Networks Inc., the
maker of networking equipment for smart electricity grids, seeks
to raise about $67 million in its initial public offering, less
than half the amount it initially sought, after waiting more
than a year and a half to proceed with the sale.

The Redwood City, California-based company is offering 3.71
million shares for $16 to $18 apiece, a regulatory filing shows.
The IPO is scheduled for March 12, data compiled by Bloomberg
show.

Silver Spring Networks is moving ahead with the offering,
seeking less than the $150 million it said it would seek in a
July 2011 filing. The company is selling all of the shares in
the IPO and will raise an additional $12 million in a private
placement to its biggest shareholder, Foundation Capital,
according to regulatory filings.

Revenue at the power-grid networking company declined 17
percent to $196.7 million in the 12 months through December
compared with the previous year. It recorded a net loss of $89.7
million, narrower than the $92.4 million loss a year earlier.

The company was founded in 2002 and provides customers with
hardware and software that enable power providers to offer
flexible pricing and monitor the health of power grids,
according to company filings. Sales have been hurt by slow
adoption of smart-grid technology, caused by uncertainty over
the timing of U.S. stimulus spending and regulatory
investigations, the filings show.

Goldman Sachs Group Inc. and Credit Suisse Group AG are
leading the Silver Spring Networks IPO. The stock will be listed
on the New York Stock Exchange under the symbol SSNI.